Flagship Communities REIT completes public equity offering to fund largest acquisition in its history
On April 24, 2024, Flagship Communities Real Estate Investment Trust (“Flagship”) announced the completion of its previously announced public offering of 3,910,000 trust units, issued on a bought deal basis at a price of US$15.35 per unit, for total gross proceeds of approximately US$60 million.
The offering was completed through a syndicate of underwriters co-led by BMO Capital Markets and Canaccord Genuity Corp. Flagship has also granted the underwriters an over-allotment option to purchase up to an additional 586,500 units on the same terms and conditions as the offering, exercisable at any time, in whole or in part, up to 30 days following closing.
Flagship intends to use the net proceeds from the offering to fund a portion of the approximately US$93 million purchase price for its previously announced acquisition of seven manufactured housing communities comprised of 1,253 lots located in Tennessee and West Virginia, and for general business purposes.
Further information can be found on Globe Newswire’s website.
Flagship Communities is a leading operator of affordable residential manufactured housing communities primarily serving working families seeking affordable home ownership. It owns and operates exceptional residential living experiences and investment opportunities in family-oriented communities in Kentucky, Indiana, Ohio, Tennessee, Arkansas, Missouri, and Illinois.